Ethereum (ETH), the second largest cryptocurrency by market capitalization and the leading altcoin, is expected to undergo significant upgrades in the coming months. Experts on these upgrades expect a positive impact on the cryptocurrency ecosystem. Here are the details…
Update expectation for leading altcoin Ethereum
Bitwise Asset Management Chief Investment Officer Matt Hougan talked about the upcoming Ethereum Improvement Proposal 4844 (EIP-4844) in a recent interview and stated that once the upgrade is complete, development activity in the Ethereum ecosystem will likely increase rapidly. EIP-4844 aims to drastically reduce transaction costs in layer-2 solutions. Hougan believes that if Ethereum fulfills its roadmap, the cost of crypto transactions will be under 1 cent by the end of the year, creating a host of possibilities for new applications that were not viable before.
Hougan states that the decrease in transaction costs will change the rules of the game for the Ethereum ecosystem, as the cost of crypto transactions will decrease from the average levels expressed in hundreds to as low as 20 cents, 10 cents. In addition to the upcoming upgrade, Hougan believes investor confidence is starting to return to the crypto markets and expects the next three years to be phenomenal for crypto.
Chris Burniske is also optimistic about ETH
cryptocoin.com As we reported, venture capitalist Chris Burniske, who correctly predicted the crypto bottom level in November 2022, also expressed his optimism about the upcoming upgrades of Ethereum. Burniske points out the Shapella upgrade, which is a combination of two upcoming Ethereum upgrades. According to the expert, Shanghai, which will make changes in the execution layer of the project, and Capella, which will make changes in the consensus layer, will be bullish for Ethereum.
The Shapella upgrade will enable validators to withdraw ETH from Ethereum’s proof-of-stake blockchain for the first time since the transition from the proof-of-work (PoW) mechanism. Burniske states that this will cause another market structure change for Ethereum and urges investors to “buy the news”. Ethereum is currently trading at $1,912, up about 5 percent in the last 24 hours.
Burniske last month predicted that Bitcoin (BTC) would exceed $30,000 in April and Ethereum would surpass $2,000. The cryptocurrency has been bullish for the past few months, driven by increased institutional adoption and investor confidence. Updates to the Ethereum ecosystem coincide with a time when cryptocurrencies are gaining wider acceptance and adoption across the globe. Many experts predict that the popularity of cryptocurrencies will continue to rise, especially as more institutions and individuals adopt the technology.
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